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Poll: Do you have a private pension plan?
Thread poster: ProZ.com Staff
ProZ.com Staff
Local time: 06:12
SITE STAFF
Nov 30, 2010

This forum topic is for the discussion of the poll question "Do you have a private pension plan?".

This poll was originally submitted by Nikki Graham. View the poll results »



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Sonia Hill
United Kingdom
Local time: 14:12
Italian to English
Yes Nov 30, 2010

I took out a private pension plan a couple of years ago as I don't have much faith in the state pension system at the moment. I want to be able to decide when to retire and to have a decent amount to live on.
I really ought to be paying more into my private plan, but at least I've made a start and I've still got a long career in front of me to build it up!

Edited to add that I have made other investments too. I don't believe in placing all my eggs in one basket, so my investments are spread across a few different areas.

[Edited at 2010-11-30 11:45 GMT]


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Rebecca Hendry  Identity Verified
United Kingdom
Local time: 14:12
Member (2005)
Spanish to English
+ ...
Yes Nov 30, 2010

Starting a private pension was one of my resolutions for this year, and I've been paying into it for several months now. Like Sonia, I don't have much faith in the public system, and wanted a nest egg that I wouldn't be tempted to dip into, which is the risk with other savings.

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Inga Jakobi  Identity Verified
Germany
Local time: 15:12
Member (2006)
Chinese to German
+ ...
Yes Nov 30, 2010

I started my private pension plan almost three years ago. It was one of my first steps when I started to earn enough money to afford it. Even my boyfriend who works as employee has a private pension plan. I am not paying much at the moment, but it is a start, and I am more or less convinced that there will be no money left for my generation in Germany when we are about to retire

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Adnan Özdemir  Identity Verified
Turkey
Local time: 17:12
Member (2007)
German to Turkish
+ ...
No Nov 30, 2010

A turkish proverb says ''çınar ayakta ölür''. Therefore I will be die (doğru mu yazdım acaba during working my translations I hope.

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Nikki Graham  Identity Verified
United Kingdom
Local time: 14:12
Member (2003)
Spanish to English
Yes Nov 30, 2010

I started the pension plan a few years ago now (but not as early as I should have done), but it hasn't been doing very well in this economic climate, unfortunately. I still think I'll need to work (if I can!) until I'm 70, at least part-time (if I'm lucky) in the final years. The mortgage should have been paid off by then, so that would cut monthly expenditure significantly, and the kids should have left by them as well (fingers crossed!). However, all in all I don't think my retirement future is going to be as rosy as it was/is for my parents.

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Oliver Lawrence  Identity Verified
Italy
Local time: 15:12
Partial member (2008)
Italian to English
+ ...
Absolutely yes Nov 30, 2010

I think that those without their own pension provision may find themselves with the choice of continuing to work into their old age or living in something close to poverty in 20-30 years time. Given that more and more people are living longer and longer, combined with the somewhat short-sighted public resistance to increasing the retirement age, where is the state going to find the money to pay all these pensions?

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Sophie Dzhygir  Identity Verified
France
Local time: 15:12
Member (2007)
German to French
+ ...
No Nov 30, 2010

I distrust the public system too. But I don't have a pension plan of its own. I have other savings schemes and a life insurance, and I do intend to provide myself for my pension, but probably not with a pension plan. I think investing in real estate is safer. I just bought my own home, and if when I have enough money again, I'll rather invest in some other real estate. Maybe I'll start a pension plan too, in some time, but I'm not sure.

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Thayenga  Identity Verified
Germany
Local time: 15:12
Member (2009)
English to German
+ ...
No Nov 30, 2010

The federal retirement insurance (Deutscher Rentenbund) will deduct any additional pension(s) from its pension payments except for 100.00 Euros.

This confirmed practice includes all other pensions, even the one paid by the statutory association for health and security at work and employer liability insurance (BG).

Of course, this information is not made public until retirment draws closer - or if one, like me, insists.


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Alexander Kondorsky  Identity Verified
Russian Federation
Local time: 17:12
English to Russian
+ ...
No Nov 30, 2010

I do not have much trust in the government pension system but I do not trust private companies offering pension plans either. They can go bankrupt, especially given present shaky economic situation. Unfortunately, there is no safe opportunity for making one's savings for old age nowadays. I hope I will be able to do translations till death.

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David Wright  Identity Verified
Austria
Local time: 15:12
German to English
+ ...
other Nov 30, 2010

I have made other investments myself that will add to my state pension when we get that far!

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Lucia Moreno Velo  Identity Verified
Spain
Local time: 15:12
Member (2010)
French to Spanish
+ ...
No Nov 30, 2010

I agree with Sophie, in spite of Spain's plummeting home prices, or maybe because of them, since I am now purchasing a second home at a very affordable price.

I think it's better to stay out of debt and invest in useful things than can start producing money right now, rather than in a future payment that you might never enjoy (in case of early death, for example), might be terribly taxed, or might be plainly insufficient if inflation keeps up.

Just mu humble opinion.
Lucía


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Gianluca Marras  Identity Verified
Italy
Local time: 15:12
Member (2008)
English to Italian
no but Nov 30, 2010

I'd like to.

Just in Italy with taxes that reach almost 65% of your income what can you do?


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Michael Harris  Identity Verified
Germany
Local time: 15:12
Member (2006)
German to English
Yes Nov 30, 2010

Absolutely, and I do not pay into the state one in Germany seeing as for every €1 you pay into it, you only get about €0.45 back out (at the moment). Am also paying for my own flat, but do not have that much faith in it being worth much when it is paid off, but when it is paid-off, it is mine, along with my wunderfull private pension as well.
@Gianluca, with regard top taxes, there are bound to be "good" accountants in Italy as well that can save you money?

@ those just buying houses / real estates. Its great to have them, but once you retire, you also have to be able to afford them? And saving in a pension scheme is almost the same, just that you know how much you get out at the end (the minimum anyway) and with real estates / property, you will never know and if you do not have any money to live on because your pension is rubbish and you have to sell the house at a dumping price because (Spain / Italy) are in the same situation as now, then you dont have much fun either.

[Edited at 2010-11-30 13:49 GMT]


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Sandra B.  Identity Verified
Portugal
Local time: 14:12
Member (2005)
English to Portuguese
+ ...
I have two Nov 30, 2010

Portuguese State is totally unreliable and state pension low and I want to keep to same living standard that I have now when I reach a certain age.

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